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Updated over 6 years ago,
First investment- owner occupied fourplex. Need advice.
Hello I'm in the process of buying my first property. I don't have anyone in my family or friends that's owned real estate so it's hard to find someone to lead me in the right direction.
Property is a fourplex in a mid level neighborhood. It is fully rented, I have lived here for 6 months as a tenant. It is off market.
I talked with the owner he agreed @ $200k he would sell me the property. I feel like it's a good starter and am finishing up working with the mortgage company to get approved.
I have around $10k in funds assuming a FHA/Freddie loan would be my best financing and would require 3-4% down.(Open for advise there.)
I have an appointment with a CPA he mentions starting an LLC. Is that worth the cost if this is my only property?
The owner isn't dealing with an agent hes an older gentleman,and just wants to walk away from the deal with his money. Since I don't have an agent to guide me thru the process do I need to hire an agent myself, do I need an attorney?
The property is low maintenance, the other tenants are all 5+ years in place, the total rent is 2800 and expenses looks to be under 2000 per month.
I basically have an offer accepted and a small down payment where do I go from here?